Caveat Emptor, buyer beware, is a salutary reminder to any purchaser. “买主各自小心”,这是对任何买主的有益提示。
Whenever questions are raised about the complex subprime mortgage derivatives the investments banks sold during the credit boom, back comes the response: caveat emptor. 每当有人问起投行在信贷繁荣时期出售的复杂次贷衍生品时,回答是:购者自慎。
Caveat emptor has been the dominant principle. 买者自慎是至上法则。
In the 19th century, when caveat emptor ruled, such risk judgments were not separable from the overall price, interest rate and other capital-allocating decisions struck in the marketplace. 在买者自慎原则大行其道的19世纪,这种风险决策与总体价格、利率和市场中的其他资本配置决策密不可分。
If caveat emptor is seen as a dominant business principle by both producers and consumers then the legitimacy of capitalism and market organisation will not long survive. 如果商家和消费者都认为“买主自己小心”是一个主要的商业原则,那么资本主义和市场体制的合理性就不会长期存续。